Altcoins
These Altcoins Hit New All-Time Highs Against Bitcoin
Altcoins often take inspiration from Bitcoin and find themselves caught in the crosshairs of industry trends and market developments.
After the collapse of the FTX exchange in November 2022, the crypto market tanked and only a few tokens have fully recovered.
Altcoins able to recover from FTX crash
The fall of Sam Bankman-Fried’s The crypto empire gave the market a boost, causing billions of dollars to be lost. Subsequently, several altcoins plunged to never-before-seen levels. Now, data shows that only eight tokens managed to be released. new peaks against BTC since the FTX saga.
Rendered (RNDR)
Benefiting from the AI 2024 narrative and guided by positive principles Nvidia Reportsthe price of Render (RNDR) crossed its all-time high price above the threshold of 0.0001100.
Altcoin price has consistently made higher lows and remains above the upward trendline, indicating upside potential. The lowest and highest of the Relative Strength Index (ROI) support this outlook, suggesting continued bullish momentum in the RNDR market.
Learn more: Render Token (RNDR): A Guide to What It Is and How It Works
RNDR/BTC 1W chart. Source: Trading View
The bears need to manage a candlestick close below the 0.0001013 support level to invalidate this bullish outlook. A stable close below this threshold would mean a lower low compared to the previous correction, indicating a change in market structure.
SingularityNET (AGIX)
Another AI token that managed to record a new peak post-FTX collapse is AGIX. Although it remains below its 2023 high of 0.00002886, it remains above the 2022 high of 0.00000693.
From a technical perspective, AGIX price is ready for a bullish move as it consolidates in a descending wedge pattern. This bullish technical reversal formation could be a good entry in case of a breakout above the upper trendline.
The profit target for this descending wedge is a 273% upside to 0.00005000, measured by adding the maximum distance between the upper and lower trendlines to the breakout point.
Learn more: Top 9 Artificial Intelligence (AI) Cryptocurrencies in 2024
However, the bullish thesis would be invalidated if the seller’s momentum drops below the psychological level of 0.00000500.
By the way, the recent ASI Token Mergerwhich brought together the AGIX, Fetch.ai (FET) and Ocean Protocol (OCEAN) ecosystems, signals a significant shift in the decentralized artificial intelligence market.
Injective (INJ)
THE Injective token, a Cosmos-based blockchain that combines elements of AI with decentralized finance (Challenge), is also on the list. After the 2022 low of 0.0001518, INJ soared almost 590% before peaking at 0.00102.
However, in the hands of the bears, the altcoin has since lost ground and is trading at 0.00036 at the time of writing. Based on the RSI outlook, the injective price could extend the fall below the 0.00033 support level before a possible recovery.
The RSI is resisting further decline, while the moving average convergence divergence (MACD) histograms are fading from their previous red hue, suggesting increasing bullish momentum. While a candlestick closing above 0.00051 would attract more buy orders, INJ would only be attractive to buy once it has returned to the high end of the 0 range, 00102.
Learn more: 9 Cryptocurrencies Offering the Highest Stake Yields (APY) in 2024
On the other hand, a breakout of the 0.00033 support level would trigger panic selling, potentially reinvigorating bearish momentum.
Tellor (TRB)
Tellor/BTC price surged to a high of 0.014 in December 2023 after falling to the depths of 0.00022 immediately following the FTX collapse. However, the spike was rejected shortly after, and TRB price has now returned below levels before the FTX collapse.
The Moving Average Convergence and Divergence (MACD) indicator hints at a possible buy signal, which would be executed if the MACD moves above orange. band or the signal line. The potential crossover suggests that near-term momentum is strengthening and buying pressure is increasing.
Nonetheless, Tellor price would only be out of the woods after one candlestick closes above the 50% Fibonacci placeholder of 0.00746.
Learn more: Best Crypto Exchanges with the Lowest Trading Fees7 Hot Meme Coins and Altcoins Trending in 2024
Conversely, if bearish momentum pushes Tellor price below the 0.0006659 level, the bullish outlook will be negated.
Astar (ASTR)
Astar climbed to an all-time high of 0.00000700 in December, surpassing 2022 highs of 0.00000322. However, the breakout proved premature as the Astar price corrected shortly after.
The altcoin appears poised for more losses amid waning momentum, as seen by the plummeting Relative Strength Index (RSI). The Awesome Oscillator (AO) indicator is also in negative territory, reinforcing the bearish outlook.
Learn more: Top 10 cheapest cryptocurrencies to invest in June 2024
Amid a predominant downtrend, the bearish Astar price thesis would only reverse after a stable close above the psychological level of 0.00000500.
ssv.network (SSV)
ssv.network bulls are pushing for more gains as the SSV/BTC trading pair consolidates into an ascending parallel channel. Higher lows in the RSI support this outlook, with SSV price likely to see more gains as bullish momentum prevails.
Traders looking to take new long positions on ssv.network should wait for the RSI to close stably above the average level of 50 and for the SSV price to swing into the area above the center line of the channel .
Learn more: 7 Hot Meme Coins and Altcoins Trending in 2024
On the other hand, a break below the channel’s lower trendline would send ssv.network price towards the bears, with the altcoin likely to swing to the depths of 0.000500 or, in a dire case , one leg lower to the level of 0.0001251. low time.
Trusted Wallet Token (TWT)
Despite the FTX debacle in November 2022, the Trusted Wallet Token the price against BTC soared almost 200% to a high of 0.000166. The rise in TWT was likely attributed to FUD (fear, uncertainty and doubt) as investors shifted their holdings to wallet storage as the FTX exchange imploded.
Nonetheless, TWT price remains in the thicket, with the RSI and MACD signaling a calm market devoid of bullish momentum.
Learn more: Trust Wallet vs MetaMask: Which Crypto Wallet is Better?
Binance Coin (BNB)
Like TWT, Binance Coin the price surged to an all-time high of 0.019700 following the FTX implosion. However, under regulatory pressure in the United States throughout 2023, BNB price fell to a low of 0.005193.
With increasing bullish sentiment, as shown by the rising RSI and MACD in positive territory, Binance Coin could continue its uptrend. However, over the one-week time frame below, BNB will only be attractive to buy once Binance Coin price leaves the golden Fibonacci zone between 61.8% and 38.2%, at 0.010735 and 0.014158, respectively.
The higher lows in BNB price, flanked by the rising RSI, suggest growing bullish momentum and, by extension, growing sentiment.
Learn more: How to Buy BNB and Everything You Need to Know
Conversely, with the MACD hinting at a possible crossover below the signal line, BNB price could pull back. A low below the bottom of the market range at the 0.005193 threshold on the weekly timeframe would invalidate the bullish outlook.
Disclaimer
In accordance with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult a professional before making any financial decision. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.